Title
Private Developer Funds Appropriation
Action
Action:
A. Approve Developer Agreements with the following companies for traffic signal installations and improvements:
* Haven Campus Communities-Charlotte LLC,
* 521 Partners LLC,
* LMV Block 42 Holdings, LP,
* 10th & Seigle Ave., LLC,
* KP Development, LLC,
* NCCFA1, LLC,
* DC Charlotte Plaza, LLLP,
* High Family Partnership, I LP, and
* Columbia Cochran Commons, LLC.
B. Adopt a budget ordinance appropriating $487,632 in private developer funds for traffic signal installations and improvements.
Body
Staff Resource(s):
Liz Babson, Transportation
Charles Abel, Transportation
Explanation
* Private developer agreements and funds appropriations are needed when a developer is required through the City rezoning process to make traffic signal improvements.
* Funding contributions from private developers must be appropriated prior to the City's initiation of work.
* The $487,632 in private developer funding is for traffic signals, traffic signal modifications and/or upgrades, and other related work associated with developer projects. The funding is restricted to the projects noted below.
* The following developers are fully funding traffic signal modifications and improvements to mitigate traffic impacts around their respective development projects:
* Haven Campus Communities-Charlotte LLC contributed $9,500 for traffic signal modifications at the intersection of University City Boulevard and Suther Road (Council District 4).
* 521 Partners LLC contributed $91,000 for traffic signal modifications at the intersections of Providence Road West and Highway 521, and Providence Road West and Lancaster Highway (Council District 7).
* LMV Block 42 Holdings, LP contributed $92,087 for traffic signal modifications to include a new mast arm at 9th Street and College Street (Council District 1).
* 10th and Seigle Avenue, LLC contributed $5,000 for traffic signal modifications at the intersection of 10th Street and Seigle...
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